collected by :Molly Tony
according to Oil stocks in the world’s richest countries stood at 3,025 million barrels in February, or about 297 million barrels above the five-year average, according to Bloomberg calculations based on International Energy Agency data.
So far, OPEC has delivered nearly all the cutbacks it promised, mostly because Saudi Arabia has cut deeper than agreed.
With current supply and demand trends, OPEC can hope for, at best, a reduction of about 500,000 barrels a day.
Says Oil-Supply Cuts May Be Extended (Video) Source: BloombergStill, OPEC and its partners are “fully committed” to curbing supply, Al-Falih said.
At the time, the producers said they could extend the deal for an extra six months.
Oil prices on March 21 fell close to its lowest in a week as the market discounted the latest talk by OPEC that it would extend output cuts beyond June.
Commerzbank said that OPEC cuts would need to last into the fourth quarter to achieve the group’s goal of reducing record oil stockpiles in industrialized nations to their five-year average.
RELATED: OPEC Leaning Toward Oil Cut Extension, Sources SaySources within OPEC have indicated that its members increasingly favor extended production cuts but want the backing of non-OPEC oil producers, such as Russia, which have yet to deliver fully on existing reductions.
The WTI delivery hub in Cushing, Okla., could be a particular focus in API data.
U.S. West Texas Intermediate (WTI) crude was down 68 cents, or 1.4%, at $47.54/bbl on the last day the April contract is the front-month, its lowest level since March 14.